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bp going to invest 10 times more in low carbon by 2030 - Bernard Looney

7 December 2021 17:33 (UTC+04:00)
bp going to invest 10 times more in low carbon by 2030 - Bernard Looney

By Trend

Bp is going to reduce its emissions by between 35 percent and 40 percent by 2030, bp’s CEO Bernard Looney told TIME, Trend reports.

“We’re going to invest 10 times more in low carbon than we do today by 2030, eight times by 2025. We’re going to install 70,000 charging points for electrification. We have the scale and the resources and the cash flows and the skills to do that,” he said.

bp’s CEO noted that the company brought on seven projects this year, and will bring on projects next year, and the year after.

“We will start up new oil fields and we will invest in new oil fields, but only the ones that have the best carbon intensity, only the ones that have the best economics, the shortest paybacks, the highest returns. But we will do that because we have a three-part strategy: Part one is resilient hydrocarbons. Part number two is convenience and mobility. Part three is low carbon energy. So part one of our strategy is hydrocarbons and will be for decades to come. We’re not shying away from that. Any scenario has oil and gas in the system in 2050. Our job is to produce those hydrocarbons with the lowest possible emissions,” added Looney.

He pointed out that oil and gas will continue to be needed.

“People may not like to hear that. It may be an unpopular truth. We will do that and we will use those cash flows to help us make the transition. We will continue very clearly to sanction and develop new oilfields. The existing oil fields decline, and some of them decline very quickly. So net-net our production goes down by 40 percent through this decade: 20 percent by 2025, 40 percent by 2030,” added bp’s CEO.

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